Leading cryptocurrency investors are asking when Bitcoin price starts to recover. However, it seems that the first milestone is $25,000. Here are the details…
Does BTC mining affect its price?
A double bottom pattern has formed on the weekly timeframe chart of the technical Bitcoin chart. Bitcoin market is prone to shocks and breakouts. So what happened last week should not be considered an exception. Therefore, the leading cryptocurrency was in a bearish trend. It is also on the verge of making a new low low. But a strong price increase changed his perspective from a technical point of view. According to on-chain data, Bitcoin mining difficulty has reached an all-time high. At block height of 753,984 hashes, Bitcoin mining difficulty increased by 3.45 percent. Profitability for miners is falling.
https://twitter.com/TradedogCrypto/status/15700069611676242946
This is due to recent dips in high CPI figures and BTC’s potential to drop as low as $10,000. So, the average hash rate is at 229.39 EH/s. That’s not far from the record-breaking 231 EH/s, despite profitability concerns. Let’s come to the BTC price. The double bottom pattern observed nearby seems to lead to a major reversal. The support zone between $18,000 and $19,000 is critical. These levels seem to be the most important for the bulls to hold. Otherwise, the market could drop to $15,000. Also, the Fibonacci retracement indicator for the most recent bearish expansion shows the 61.8% retracement level near the $22,500 resistance.
These levels are critical for Bitcoin price
For the price to continue to rise, it must rise above the previously stated levels. On shorter timeframes, the market structure has changed and is currently positive. However, BTC should continue to support at $18,672. Bitcoin price prediction suggests that BTC could initiate a downside correction due to the presence of bears. Selling pressure could increase if the $19,000 support level is broken once and for all. Therefore, the consolidation could turn into a bear run if the bears lower the market price. The next hurdle for the leading cryptocurrency could occur at the $21,000 level.
However, the recent sideways trend is likely to continue in the next few days. Bitcoin has a market cap of $385.3 billion and a 24-hour trading volume of $38.4 billion. As we reported on cryptokoin.com, BTC dropped nearly 70 percent from its $69,000 ATH in November 2021. Now it is trying to recover.
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